EB Watch List Update Report

Dear Members: Market Update The nervousness that became apparent yesterday then subsided has become apparent again today with the VIX higher by 30% at its peak earlier in the session as traders move to the sidelines in unison. Yesterday saw a very willing buyer on the early pullback, more buying on the dip. So traders will have another shot at buying stocks cheaper with the question being, will they bite again today? So far the Dow has moved back below both its 20 and 50 day moving averages with the NASDAQ and S&P both back below their respective 20 days, so technical damage with the fear meter spiking significantly. For a number of months the market has recovered quickly from corrections, just like we saw yesterday. Perhaps we need to see deeper selling for traders to feel more comfortable putting meaningful capital to work. What might that look like? For starters a visit to the 50 day on both the NASDAQ and S&P. That will only happen if enough traders sense that the selling will go deeper here. Given the sharp spike in the VIX perhaps we'll finally see that next leg lower which to me would be a welcome development and make stocks cheaper. The S&P got as low as 2883 this morning and a move back below that level could take stocks lower with the 50 day at 2857 the next key level of support. Companies reporting earnings today (May 7) Before Market Opens: AES, AGN, BUD, ARMK, BCC, EMR, EXPD, VAC, MYL, SERV and USFD After Market Closes ADT, Y, COKE, CWK, JCOM, LYFT, TRIP and VOYA Companies reporting earnings tomorrow (May 8) Before Market Opens: GOLD, CHK, HMC, MSG, MPC, MCK, NYT, SBGI, STWD, TRI AND WEN After Market Closes: DIS, ETSY, FOXA, IAC, ROKU, SLF and SUN Strong Earnings ChartList Update Some companies reported within 2 months of their prior quarterly earnings report and that's caused 8 companies to appear on the Strong Earnings ChartList (that was recently updated) twice as follows: 3667 (AYX), 3877 is the current chart of AYX 3682 (BMCH), 3878 is the current chart of BMCH 3641 (CRI), 3844 is the current chart of CRI 3686 (IRDM), 3780 is the current chart of IRDM 3655 (MELI), 3922 is the current chart of MELI 3675 (PEG), 3905 is the current chart of PEG 3661 (TNDM), 3870 is the current chart of TNDM 3648 (VCYT), 3872 is the current chart of VCYT ADDITIONS TO WATCH LIST Will keep you posted on any new additions to the Watch List BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List None Mid Cap Watch List SAIC - Stock is lower by 1.5% but remains above all key technical levels. It got as high as $76.58 yesterday so that is now the next key level of resistance. Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats